Exciting USDA Loan Options for Homebuyers
One of the main questions first-time homebuyers often have when starting to consider purchasing a home is “how much of a down payment will I need?” That is why I am so excited to tell you that the U. S. Department
Aside from the reduced fees, USDA loans are a great loan option due to the features of the program itself. The USDA loan allows for up to 100% financing for homes in designated rural areas. These designated areas (see map), include Kapolei and Ewa Beach. As a conventional 30-year, fixed-rate product, it is straightforward and uncomplicated for those who may be new to home loans. The USDA home loan also allows for qualification of buyers with less-than-perfect credit.
With no down payment required and flexible credit guidelines, a USDA mortgage loan already has a great number of beneficial features. This new fee schedule now makes On October 1, 2016, the Upfront Guarantee Fee was reduced from 2.75% to 1.0%. On a $500,000 home that would save you $8,750 at the time of purchase. The Annual Fee of .5% has also been reduced to .35%. For that same $500,000 house, that would be a savings of $750 a year.
Compass Home Loans is well versed in the USDA Home Mortgage. Find out more about the qualification process of designated areas for this type of loan by scheduling a no-obligation consultation with one of our Loan Officers. Please contact us at (808) 518-3650 or visit our website at www.compasshawaii.com.
Compass Home Loans, LLC is licensed as a Hawaii Mortgage Loan Originator Company and a sponsored third party originator authorized to originate FHA and VA loans. NMLS# 1194719 (www.nmlsconsumeraccess.org). Compass Home Loans, LLC is regulated by the Hawaii Division of Financial Institutions, and offers many loan products. Contact a Compass Home Loans Representative to learn more. This is not a commitment to lend. Purchase Promotion may apply for purchase applications received now through 9/30/16 and must close before 11/30/16. Certain property types and loan programs may result in higher appraisal costs. Other restrictions apply, call for details. 2016 Compass Home Loans, LLC. All Rights Reserved.